Entrepreneurship

 

Business Success

10 Common Mistakes Made by Small Business Owners

 

Adapted from “10 Mistakes Small Business Owners Need To Avoid”, Alex Goumakos

 

  1. They Undercharge. First, they don't know how to correctly set an effective price, and second they think they need to have the lowest price in order to get business. Both circumstances result in low profits and poor cash flow.

  2. They Concentrate Exclusively On Sales. Running and operating a successful business requires vital and basic business skills covering a wide range of areas. To succeed in business you must focus on your WHOLE business, not just parts of it.

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  1. They Extend Credit Too Easily. If selling on credit, be sure to perform credit checks on all of your customers. Also, make sure your customers completely understand and agree to your payment terms BEFORE doing business with them.

  2. They Think About Taxes After The Year Is Over. If you're serious about saving money on taxes, learn to consider tax ramifications BEFORE you act. Planning is the key to reducing the amount of taxes you pay each year.

  3. They Don't Have A Plan Of Attack. "If you fail to plan, you plan to fail." If you don't have some idea of the overall picture or end result, your efforts will be average at best.

  4. They Don't Know How To Hire And Keep Good Employees. When hiring an employee, think real hard about whom it is that you're actually hiring. An employee's lifestyle is definitely going to affect their performance on the job. If you want to keep good employees, be sure you have a system in place that rewards their efforts.

  5. They Don't Provide Outstanding Customer Service. If you want to build a highly successful business, make sure your customer service is "beyond industry standards".

  6. They're Economically Dependent On A Small Group Of Customers. Relying on a small group of customers should be avoided. Many business owners did just that and paid the price for it when the customers stopped doing business with them.

  7. They Let Emotions Get In The Way Of Sound Business Decisions. Some people get consumed with their emotions and make business decisions for the wrong reasons. To make good decisions, make sure you rely on the facts and sound business judgment.

  8. They Fail To Develop As Leaders and Managers. Many business owners limit the amount of success they attain by failing to continue learning. Successful business owners never quit learning about their business. >>>

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